Activity in Turkish HRC market almost at standstill amid exchange rate fluctuations

Thursday, 12 January 2017 16:27:05 (GMT+3)   |   Istanbul
       

This week, new import flat steel offers have been made to Turkey, at unchanged prices as compared to the previous month. As a result, the current downward pressure on Turkish producers’ hot rolled coil (HRC) prices, which were already considered to be on the high side, has increased. Turkish steel producers have maintained their domestic prices unchanged over the past week at $540-570/mt ex-works. However, buyers are waiting for discounts and are postponing their bookings due to the political and economic uncertainties in Turkey, resulting in weak demand in the domestic market. 
 
Meanwhile, in the local Turkish HRC spot market, traders’ HRC and HR pickled and oiled coil prices have remained unchanged week on week, while demand is very weak. Following the significant recovery of the Turkish lira against the US dollar today, January 12, after its sharp weakening in previous days, buyers and sellers appear to be postponing transaction activities amid the exchange rate fluctuations, causing trading activity in the market to nearly grind to a halt. Market players state that cash flow problems in the market also still exist. 
 
The domestic sales prices of traders for local and imported hot rolled flat steel products in the Eregli and Gebze regions of Turkey are as follows:
 

 Product

Price ($/mt)

Eregli

Gebze

 2-12 mm HRC

540-550

550-570

 1.5 mm HRS

580-590

595-615

 2-12 mm HRC (for large tonnages)

 

530-540

 3-12 mm HR P&O

570-580

590-620


Similar articles

Global View on HRC: Most HRC suppliers keep offers stable, mood improves further in Europe

03 May | Flats and Slab

US flat steel prices mixed as sidelined buyers return to a late-April market

03 May | Flats and Slab

Romanian flats prices stable ahead of Orthodox Easter holiday

03 May | Flats and Slab

Flat steel prices in local Taiwanese market - week 18, 2024

02 May | Flats and Slab

Turkish HRC market almost at standstill, buyers await clearer picture from China

02 May | Flats and Slab

European HRC mills cautiously positive on future sales prices, import quotes keep rising

02 May | Flats and Slab

Vietnam’s Hoa Phat raises local HRC prices amid import price hikes

02 May | Flats and Slab

Ex-China HRC prices stable from mills, but tradable level gains $5/mt

30 Apr | Flats and Slab

Emirati buyers continue to favor ex-Japan HRC despite slow demand

30 Apr | Flats and Slab

Indian HRC exporters keep prices stable but mood still positive despite slow trade

30 Apr | Flats and Slab